Why Get Life Insurance

Why You Should Buy Life Insurance When You’re Young

At a young age, life insurance may not be something you are considering. However, it's important to note that doing it at an early age will cost you much less than waiting until you are older.

The Cost Of Waiting

If you're young and think that you can't possibly afford life insurance premiums, you may need to rethink that. Buying life insurance at an early age will typically cost you a lot less than if you were to wait until you're older.

Younger often means cheaper

Generally speaking, the younger you are, the less you'll pay in premiums. While there are many factors that determine how much you'll pay in insurance premiums, age plays a big role and makes a strong case for buying life insurance as early in life as possible. Why? Because insurance is about risk. When a life insurance company considers you for a policy, they focus on the risk that you, the applicant, is likely to make a claim at some point in the near future. Therefore, a younger person poses less of a risk than someone who is much older, and why life insurance premiums are considerably lower the younger you are at the time of your application.

Younger often means healthier

Excellent health and youth are closely connected. Because most health issues tend to develop later in life, is yet another reason why you should get life insurance when you're young and before health conditions develop. Health plays a significant role in how much you'll pay for life insurance and why life insurance companies pay particular attention to your medical history when underwriting a policy. That doesn't mean that you won't be able to get life insurance if you have health issues, but that you'll typically pay a lot less in premiums if you secure a policy before chronic conditions develop.

Younger means getting more coverage for the future

Not only will being young and healthy help keep your insurance premiums lower, but it allows you to buy a lot more insurance coverage for the future. For example, later in life you may need a $500,000 policy when you have dependents, but a larger policy at that time may not be affordable. Buying more coverage today will be a lot less than if you wait. While it may not seem as important to have a large amount of coverage as a single person in your early 20s, that could all change just a few years down the road when you get married and start a family.

Nobody likes to think about death and dying, especially when you're young and healthy. But when it comes to buying life insurance, the earlier you buy it, the more you'll save. It can be a lot less expensive to get a life insurance policy today, than it may be a few years in the future when you have a family to care for.

For more information on buying life insurance as a single person and getting life insurance as a millennial, visit the Protective Life Learning Center.

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All Learning Center articles are general summaries that can be used when considering your financial future at various life stages. The information presented is for educational purposes and is meant to supplement other information specific to your situation. It is not intended as investment advice and does not necessarily represent the opinion of Protective Life or its subsidiaries.

Learning Center articles may describe services and financial products not offered by Protective Life or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective Life or its subsidiaries.

Neither Protective Life nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax‐related decisions. For information about Protective Life and its products and services, visit www.protective.com.

Companies and organizations linked from Learning Center articles have no affiliation with Protective Life or its subsidiaries.

Buying Life Insurance When You Are Young

If you're wondering why you should buy life insurance when you're young and in good health, the answer is because it'll cost you a lot less. This article looks at how waiting until you need life insurance coverage can cost you more. For more information, visit the Protective Life Learning Center.

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